STC Ventures the corporate venturing fund set up by Saudi Arabia-based telecommunications company Saudi Telecom (STC), was praised on Wednesday by a delegation from the Islamic International Foundation for Economics and Financing.

The $50m fund was launched on 21st November in conjunction with growth management firm Iris Capital, and will invest in small and medium sized telecom and information technology companies.

The delegation’s visit was intended to foster cooperation between the Foundation and STC. Salih Al-Fozan, who led the delegation, stated that the establishment of the fund had reaffirmed STC’s economic leadership in the region, as well as its commitment to ensuring its investments were compatible with Sharia law, according to Saudi newspaper Arab News.

Eng Saud bin Majed Al Daweesh, chief executive officer of the STC Group, said at the time of the fund’s launch: "The establishment of this fund comes as part of the Kingdom’s strategic…

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